BANKRUPTCY & BUSINESS ORGS EXAM 2025

BANKRUPTCY & BUSINESS ORGS EXAM
2025

Bankruptcy law is - Precise Answer ✔✔federal



Bankruptcy law was revised in 2005 with substantial lobbying from credit card companies. - Precise
Answer ✔✔True



Which of the following sections of the Bankruptcy Code covers liquidation? - Precise Answer ✔✔Chapter
7



Which of the following sections of the Bankruptcy Code covers reorganization? - Precise Answer
✔✔Chapter 11



Which of the following sections of the Bankruptcy Code covers adjustment of debts of an individual with
regular income? - Precise Answer ✔✔Chapter 13



All petitions for bankruptcy are voluntary. - Precise Answer ✔✔False



Upon filing the bankruptcy, an automatic injuction that halts actions by creditors to collect debts -
Precise Answer ✔✔stay



The court's order determining the debtor's property to the under the control of the bankruptcy court -
Precise Answer ✔✔order of relief



The form used to file a claim by a creditor - Precise Answer ✔✔proof of claim



Secured creditors get their security interests before anyone else's claim in a bankruptcy is satisfied. -
Precise Answer ✔✔True